Answered

The price elasticity of demand for a good:

A. can vary from person to person.
B. can be affected by the number of substitutes.
C. can change over time.
D. depends on the proportion of income the good requires in order to be purchased.
E. All of the above



Answer :

GinnyAnswer

Final answer:

The price elasticity of demand is influenced by availability of substitutes, proportion of budget, and necessity of the good.


Explanation:

The price elasticity of demand for a good is influenced by several factors:

  1. Availability of substitute goods: The more substitutes available, the greater the elasticity, as consumers can easily switch.
  2. Proportion of the purchaser's budget: Goods consuming more of the budget tend to have greater elasticity.
  3. Degree of necessity: Necessities have lower elasticity compared to luxuries.

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